It's not just Facebook: Customer confidence in social media companies has deteriorated overall (FB, TWTR)
Facebook is still in recovery mode, six months after the scandal over political research firm Cambridge Analytica and how it improperly obtained Facebook profile data for as many as 87 million users.
Facebook's share price hasn't fully recovered from its single-day market cap loss of $150 billion in July. Now, the burden falls on the social network to win back the confidence of its users. A study of US consumers shows that Facebook has its work cut out for it, however.
As this chart from Statista shows, the Cambridge Analytica scandal seems to have resulted in a broader loss of user trust in social media platforms, which would include the likes of Twitter, as well. Only 27% of US consumers surveyed said they felt confident that their data is kept secure by social media companies, and 37% saying they didn't.
For comparison, 53% said they trusted banking companies to safeguard their information, while only 13% said they didn't.
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Wednesday, August 29, 2018
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